Investment 101: Understanding the Basics of Finance

India and the United States of America are collaborating on a new defense innovation roadmap and a fresh startup relationship in the defense industrial sector, according to Jedidiah P Royal, Principal Deputy Assistant Secretary of Defense for Indo-Pacific Security Affairs. Royal made this announcement on Sunday.

During a media briefing of the US delegation before the fourteenth edition of Aero India in Bengaluru, Royal responded to questions by mentioning the recent meeting between India’s National Security Advisor Ajit Doval and his US counterpart, which established an “ambitious agenda.” The US has proposed a new defense innovation roadmap focusing on artillery and mobility. Additionally, the US is exploring a new startup relationship within the defense industrial sector.

Rear Admiral Michael Baker, Senior Defense Official of the US Embassy, stated that the US will showcase two F-18 Hornets and two F-16 Vipers at Aero India. When asked about the participation of the F-35 stealth multirole combat aircraft at the show, Baker noted that it would be the most advanced aircraft if it were to attend.

Ambassador Elizabeth Jones, Charge d’Affaires of the US Embassy, mentioned that the current US delegation at Aero India is one of the largest ever. Both countries are collaborating on various issues including climate change and sustainable supply chains.

Regarding the situation in Ukraine and India-Russia relations, Ambassador Jones criticized Russia’s actions as an “unjust war.” The focus of discussions between India and the US is on their partnership and global goals related to climate change and pandemics.

Major General Julian C Cheater, Assistant Deputy Under Secretary of Airforce, International Affairs, revealed that an air-launched Unmanned Aerial Vehicle (UAV) will undergo testing in 2023. The UAV will be launched from a C-130J military transport aircraft as part of a seven-year project involving technology transfer.

As temperatures rise and heatwaves sweep the nation, the Centre has urged states/UTs to assess their health facility readiness, according to a report from PTI. Union Health Secretary Rajesh Bhushan sent a letter to states/UTs on Saturday, emphasizing the need for sufficient stocks of essential medicines, ample drinking water, and functioning cooling systems in critical areas. The letter also highlights the start of daily surveillance for heat-related illnesses under the Integrated Disease Surveillance Programme (IDSP) from March 1 in all states and districts.

In other news, parts of Bengaluru experienced heavy rainfall today while Northern and Central India continued to suffer from intense heat. The India Meteorological Department (IMD) mentioned that heatwave conditions could ease in certain regions like Punjab, Haryana, south UP, and Kutch starting from Monday. Additionally, the IMD forecasted isolated heatwave conditions in Vidarbha, MP, Telangana, and West Rajasthan for today and tomorrow.

On Sunday, Delhi recorded a maximum temperature of 40.5 degrees Celsius, which is two degrees above the seasonal average, while the minimum temperature was 25.8 degrees Celsius, one degree above the seasonal average, according to the IMD. Relative humidity ranged from 62% to 36%.

Shriram Mahato is worried about how he will provide for his family once the rice he harvested from his field last year runs out in four months. Unfortunately, this farmer from Bokaro’s Sadma Khurd village is not alone in this situation. Due to low rainfall during the sowing season (June to August) and persistent drought conditions last year caused by climate change, paddy procurement has been abysmal, including zero procurement in two Jharkhand districts, in the largely rain-fed state this year.

According to the India Meteorological Department (IMD), Jharkhand received the lowest rainfall in 121 years during last year’s kharif sowing season. From June 1 to August 12, 2022, Jharkhand recorded just over 371.9 mm of rain, a deficit of nearly 41 per cent, against the average 627.6 mm rain it receives during the same period. The ensuing drought had a severe impact on farmers in 226 of 281 blocks since the state heavily relies on monsoon to meet its irrigation needs. The drought also resulted in extremely low paddy procurement, the lowest in terms of targets in four years, during this year’s Kharif Marketing Season (KMS), which starts in January and ends in March.

Abhishek Anand, scientist and officer in-charge at IMD Ranchi, stated, “Last year’s drought was not an isolated event. It was the result of climate change. Weather has been gradually becoming more extreme, leading to irregular rainfall. Jharkhand, Bihar, and Uttar Pradesh experienced one of the worst monsoons from June to August last year, with a deficit of nearly 50 per cent for these months.”

Despite reducing the original target of 80 lakh quintals or 8 lakh metric tons (LMT) to just 3.63 LMT for the 2022-23 KMS, the state only managed to procure 1.55 LMT (42.87 per cent) of the revised target as of March 28. Only 29,424 farmers (nearly 13 per cent) of the 2.29 lakh who had registered turned up at procurement centres across Jharkhand. While procurement in Bokaro district barely reached 20 per cent of this year’s target, it was much higher than Dumka and Sahibganj, which saw zero procurement.

According to the Jharkhand State Food and Civil Supplies Corporation (JSFC), the target for the 2021-22 KMS was 8 LMT and paddy procurement stood at 7.52 LMT (94.12 per cent).

JSFC managing director Yatindra Prasad mentioned, “There is definitely agricultural distress in most districts of Jharkhand. Agriculture in the state is predominantly limited to mono-cropping, mainly paddy, due to the state being entirely rain-fed. We decide procurement targets based on per hectare yield. There was a severe drought last year, so we revised our procurement target.”

Prasad said Rs 1,531 crore was paid to 1.39 lakh farmers last year who sold paddy at a price of Rs 2,040-Rs 2,070 per quintal based on the grade of the produce. As of March 28, Rs 143 crore was paid to the 29,424 farmers who turned up to sell their produce this year.

Shikha Hansda (45), a farmer from Borio block of Sahibganj district, owns 3 bighas and has a family of eight to feed. She said over telephone, “The paddy harvest is usually enough to meet my entire family’s rice needs for a year. However, two-thirds of the seedlings shriveled and died last year due to the drought. I was able to harvest some paddy on one bigha, since that part of the land is close to a water source, but things have been tough as we have no other fixed source of income.”

In the 2021-22 KMS, Dumka saw the procurement of 1.49 LMT of paddy against the target of 1.40 LMT and farmers received Rs 30 crore for their produce. In the 2022-23 KMS, despite the revised procurement target of 50,000 quintals — three times less than the original target — the district procured zero quintals since none of the registered 4,046 farmers turned up at the procurement centres.

Deputy Commissioner Dumka R S Shukla said farmers had failed to turn up although districts had kept procurement centres open. “This was mainly because sowing took place on less than 6 per cent of the total area last year (due to drought and mono-cropping),” he said.

Meanwhile, Prasad blamed the state’s procurement figures this year on the shift from Decentralized Procurement (DCP) to Centralized Procurement System or Non-Decentralized Procurement (non-DCP). Under the non-DCP format, procurement for the central pool is undertaken by the Food Corporation of India (FCI) or the State, and the cost of food grains procured by state agencies are reimbursed by the corporation.

Prasad said, “We had written to the state government asking it to push the Centre to allow us to remain non-DCP for one more year. Though the Centre did not budge, the process took time. During the two months that the process took, the paddy remained at our procurement centres and we could not procure extra produce. Had things been resolved on time, we could have procured 10-15 per cent more paddy. That said, looking at the slow rate of procurement, the state government should have revised the revised target too.”

As additional trains carrying survivors of the disaster arrived in West Bengal from Balasore on Sunday, anxious relatives swarmed Howrah railway station in search of injured loved ones.

The second relief train from Odisha’s Balasore district arrived at Howrah railway station around 2pm on Sunday. “The train had six passengers, three of whom received first aid. One was sent to NRS hospital and another to Howrah District hospital,” said SP Howrah, Pankaj Dwivedi.

Holding identification cards and documents, people rushed from inquiry desks and looked through train windows to find their family members.

Fani Mondal, whose relative was on the Coromandel Express, said, “My relative Nityam Rai is missing. His phone is unreachable or turned off.”

Many survivors mentioned boarding trains and buses from wherever possible to reach home safely. Help desks and medical camps have been set up at Howrah railway station to assist arriving passengers.

Ambulances were on standby to transport passengers to hospitals. Wheelchairs and stretchers were available for the injured, and announcements were made to guide passengers.

The authorities also helped passengers board local trains to reach their final destinations.

After a day of uncertainty, a group of Indian students stranded in Kyiv finally boarded a train to Chernivtsi, closer to the Romania border, on Monday evening. “Until evening, there were three train services to help people leave the city, but we were not allowed to board. Local officials stopped us, and an embassy official at the station told us to wait. We were finally allowed to board the fourth train that left Kyiv at 5.15 pm,” said Fahad Rahman, a student from Kerala.

“We have to get off at Chernivtsi, and our consultant has informed us that they are trying to arrange special buses to take us to the Romania border for evacuation. Besides the 5.15 pm train, we were told there is another train at night, which would help more Indian students leave Kyiv,” said another student on the train.

Earlier in the day, after the Indian Embassy advised them to leave Kyiv by train as soon as possible, students left the bunkers and hurried to the railway station.

Meanwhile, Indian students stranded in Kharkiv have yet to receive any information about their evacuation. As heavy shelling continued for the fifth day in a row, they sought shelter in underground metro stations. “After spending five days continuously in the crowded underground metros, many of us are tired. Some are experiencing breathing difficulties. Around 1,000 people need to use a toilet. We have to fetch water from the hostel. Despite these challenges, we are staying strong,” said Sherin Fathima Siddique, a student.

Students mentioned that the curfew in Kharkiv was lifted for an hour on Monday to allow residents to stock up on supplies. “Due to frequent air strikes, we were scared to go to the hostel to cook food. As a result, we are surviving on snacks, biscuits, and water,” said another student.

Mizoram, a neighboring state, has accommodated over 12,000 people so far, but is beginning to feel the strain. Top officials are stressing the need for funds from the Centre.

Mizoram’s Home Commissioner H Lalengmawia stated, “So far, we have not received any financial support. We have been providing relief with contributions from the church, voluntary organizations, and private individuals. However, without immediate intervention from the central government, we will run out of resources in about two weeks. We are doing our best to provide for the displaced people despite our limited budget.”

In May, Chief Minister Zoramthanga requested at least Rs 10 crore in financial assistance from the Prime Minister to support those displaced by ethnic violence. A delegation led by state cabinet minister Robert Royte also visited earlier this month to request funds.

Aizawl district has more than 4,000 displaced people, with the YMA running 12 relief camps. The organization has appealed to the state government to set up more relief camps. Since the violence broke out on May 3, around 37,000 people have moved to relief camps in Manipur, and thousands have fled to other states. Mizoram, sharing a border with Manipur, has felt the impact of this conflict the most.

As of Monday evening, the total number of displaced people from Manipur in Mizoram was 12,162, with 2,937 staying in 35 relief camps and the rest with family or friends. The state government and civil society in Mizoram have been working together for nearly two months to support these “internally displaced” people. The state government also formed a 19-member Executive Committee on Internally Displaced Persons of Manipur in Mizoram to oversee relief and humanitarian assistance.

According to state Education Director Lalsangliana, more than 1,500 children from “internally displaced families” have been admitted to schools in Mizoram.

Mizoram is also hosting around 35,000 Chin refugees, despite central government directives not to do so. The state’s civil society is also feeling the strain.

Relief camps have been set up by village councils in conjunction with civil society organizations, particularly the influential Young Mizo Association, and with the support of the district administration. In Kolasib district, sheltering the highest number of displaced people, the YMA and village councils have constructed temporary houses made of bamboo.

Around 1,480 of those displaced are staying in relief camps in the district. The biggest camp, with more than 300 people, has been set up by the district administration in Thingdawl. The other 13 are being run by village councils and the YMA. The functioning of these camps is dependent on goodwill and donations.

Mizoram’s Home Commissioner Lalengmawia stated that those displaced should ideally be “repatriated,” but they are not willing to return until the situation in Manipur returns to normal.

The Manipur government has stated that they are working on rehabilitating and providing relief materials to all those in relief camps within the state. They hope that people will come back to the state as the situation improves.

Describing the Godhra train burning incident on February 27, 2002 as a “rarest of rare case”, the Gujarat government informed the Supreme Court on Monday that they will seek the death penalty for the 11 convicts whose sentences were reduced to life imprisonment by the High Court.

A mob set fire to the S6 compartment of the Sabarmati Express train, resulting in the deaths of 59 individuals.

Solicitor General Tushar Mehta, representing the State, emphasized that the locked bogey contained 59 victims, including women and children, making it an extremely rare and severe case. He stated that they would strongly advocate for the death penalty for those whose sentences were commuted to life imprisonment.

Mehta explained that the first convict identified in the Test Identification Parade was throwing stones to prevent passengers from escaping, while the second convict had a clear role in the incident. The third convict was found with a deadly weapon, and the fourth was actively involved in planning the attack by purchasing, storing, and using petrol for burning.

Mehta highlighted that the trial court had sentenced 20 men to life imprisonment and 11 to death.

The Supreme Court granted interim bail to Abdul Rahman Dhantiya on medical grounds to care for his ill wife and mentally challenged daughters. Another convict, who had served 17 years in prison, was also granted bail.

When questioned about the convicts’ eligibility for release under the State’s premature release policy, Mehta clarified that they would not be eligible due to their charges under the Terrorist and Disruptive Activities (Prevention) Act, 1987.

Senior advocate K T S Tulsi mentioned that one of the convicts did not understand Gujarati and had unknowingly signed a statement with his thumbprint.

The court adjourned the hearing after numerous bail applications were submitted, requesting a detailed chart outlining each convict’s information.

A day after a judge from the Gujarat High Court apologized for his outburst towards his female colleague on the bench, The Indian Express has learned that the High Court has requested YouTube to remove videos of the apology due to copyright violation.

On October 23, Justice Biren Vaishnav, the fourth most senior judge of the High Court, scolded his colleague, Justice Mauna Bhatt, for expressing a different opinion in a group of tax cases.

The incident was captured on video and widely circulated on social media as the Gujarat HC live-streams its proceedings. The High Court has since removed the video from its archives.

Although Justice Vaishnav’s apology on October 25 remains on the HC website, the High Court has instructed YouTube to delete videos of the apology.

An official from the Gujarat HC registry confirmed that such notices were sent out. Following YouTube’s response, several websites removed the video citing a copyright claim by the Gujarat High Court.

The Gujarat HC was the first High Court to live-stream its proceedings during the Covid pandemic in 2020.

The altercation between the judges was regarding income tax cases where the department had issued notices for reassessment over the past six years.

Justice Vaishnav allowed tax officials to proceed with reassessment, with the condition that the final assessment order must have prior permission from the Court. Justice Bhatt appeared to disagree.

Justice Vaishnav interrupted her and requested a separate differing order. He then walked away, stating that the bench would not hear any other matters for the day.

On October 25, before the day’s hearings began, Justice Vaishnav apologized for his behavior, acknowledging that it was wrong and expressing regret.

Four months after the Gujarat High Court granted bail to four accused in the first case registered under the Gujarat Freedom of Religion (Amendment) Act, 2021 (GFR 2021), the main accused, the woman’s husband, has been charged in a separate case of atrocity, causing harm, and criminal intimidation by the woman’s father.

The incident, which occurred on January 21, was reported at the Gotri police station late Wednesday. Meanwhile, the woman lodged a complaint against her father, accusing him of attempting to separate her from her husband.

According to a statement from the Vadodara city police on Thursday, the case, classified as sensitive, was filed based on the complaint of the woman’s 53-year-old father. The incident occurred when the accused went to the complainant’s house to pick up his wife and a confrontation ensued when the complainant accused the accused of assaulting his daughter.

The accused has been charged under various sections of the Indian Penal Code and the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act, 1989. All four accused were granted bail by the High Court in October 2021.

Assistant Commissioner of Police Megha Tewar, leading the investigation, stated that the complainant had refrained from contacting the police earlier at his daughter’s request. An additional FIR has been registered, and the investigation is underway.

Advocate Sajid Sheikh, representing the accused, mentioned that the wife of the accused had submitted an application to the Vadodara Commissioner against her father just before the FIR was filed at Gotri police station.